Update CT Taxes To Spur Economy

Connecticut's outdated tax structure has hurt job growth, but proposed tax legislation could brighten the outlook. Legislators want to close corporate tax loopholes and tax millionaires more proportionately. These and other steps would preserve health care and other vital services for the state's neediest families and maintain what little spending they can afford.

Due to prolonged wage stagnation, families eager to spend don't have much money, and those who have a lot of money don't spend much. This quandary has led to the demise of numerous small businesses and subpar growth. But there are solutions available.

Five years ago, Minnesota was faced with a similar lackluster economy. The governor and the legislature raised income taxes on the top 2 percent to 9.85 percent, closed corporate tax loopholes and cut property taxes by 9.7 percent. Along with some adjustments of sales taxes, the state raised an extra $2 billion and made Minnesota one of the top states for business.

It's time for Connecticut to adjust to changes in income distribution and update taxes for large corporations and the very wealthy.